Process
automation refers to the procedure of automating production processes across a
wide range of process industries such as chemicals, oil & gas, energy &
power, and water & wastewater. Process automation & instrumentation
helps process industries increase plant efficiency and enhance product quality
by automating and controlling the production processes. It eliminates human
intervention, which saves time during the entire production as well as
controlling stage. In addition, the elimination of human intervention results
in high precision.
Fourth
industrial revolution helps in connecting systems and machines, which allows
seamless data transmission across production sites; this is likely to open up
growth avenues for the process automation and instrumentation market. Due to
the combination of industrial software and powerful automation technology, tie
to market can be reduced by up to 50% with the adoption of process automation
& instrumentation solutions at production sites.
The
process
automation & instrumentation market
is projected to be valued at USD 88.92 billion by 2023, at a CAGR of 6.0%
between 2017 and 2023. The growth in this market can be attributed to the
rising emphasis on regulatory compliance in process industries, increasing
adoption of IoT across various industries, shift in production approach from conventional
practices to digitalized methods, growing labor wages in major manufacturing
hubs, and rising demand for proactive solutions that can determine failures at
component level.
ABB
Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US),
Honeywell International, Inc. (US), Mitsubishi Electric Corporation (Japan),
Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG
(Germany), Yokogawa Electric Corporation (Japan), and Metso Corporation (Finland) are some of the
leading players in the process automation & instrumentation market. Product
launches and developments, contracts, agreements, acquisitions, and
partnerships are some of the key strategies adopted by these major players to
gain a competitive edge in the market.
ABB
Ltd. holds a pioneering position in the process automation and instrumentation
market, catering to a wide range of process industries. It has a broad
portfolio of automation, instrumentation, and electrification solutions. The
company is well established in the process automation and instrumentation
market, predominantly in the oil & gas industry. For instance, in March
2017, ABB commercially launched ABB Ability,
comprising more than 180 solutions and services, as a powerful solution
to solve real business problems and yield tangible business opportunities. ABB
Ability helps optimize production planning and control operations in real time.
The company sells its products and solutions directly as well as through its
third-party channel partners such as OEMs, system integrators, and
distributors.
Emerson
Electric Co. is one of the leading players in the process automation and
instrumentation market. The company’s products and solutions aid process
industries to automate and optimize production processes. It has built a diversified product portfolio
to cushion the business risks and respond to challenges and opportunities in
the market effectively. It is nurturing its growth through investments in
R&D for the development of innovative products. For instance, in March 2017
The Company launched a new life sciences platform, DeltaV Discovery. This
platform is an automation solution for research and discovery laboratories that
accelerates product introduction for life sciences manufacturing companies.
Honeywell
International Inc. is a diversified technology and manufacturing company,
serving customers worldwide. The company is well known for its total solution
capabilities, life cycle services, and vertical domain expertise pertaining to
the chemicals & petrochemicals, oil & gas, mining, pharmaceuticals, and
pulp & paper industries. The company is developing through investing in
product developments. For instance, Honeywell Process Solutions has introduced
Honeywell Trace software, a powerful documentation and change management
software. This software will replace paper-based records and spreadsheets with
an automated solution, thereby improving workers’ productivity, simplifying
automation asset management, and minimizing errors due to changes in
configurations.
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